ly94

2+ Year Member
May 21, 2018
18
28
Status (Visible)
  1. Medical Student
Hey everyone! I’m a Canadian citizen who recently got accepted into a DO school in the US. To pay for the tuition, one option is getting a line of credit or student loan from one of the Canadian banks. Also, my sister-in-law is a US citizen with a good credit score and she can be my co-signer if I want to get a private loan in the US. My question is which one is a better option? Does anyone have any experience with either of these?

Thanks!!
 

shadowblade

MD PGY-3
2+ Year Member
Sep 28, 2017
30
14
Status (Visible)
  1. Resident [Any Field]
Canadian banks offer student lines of credit that go up to $300,000 Canadian at interest rates as low as Prime - 0.25% (currently 3.7%).

This is far better than anything you'll get from a US bank, unless your sister-in-law is getting a loan against her home equity.
 
  • Like
Reactions: 1 user

ly94

2+ Year Member
May 21, 2018
18
28
Status (Visible)
  1. Medical Student
Canadian line of credit won't cover the entire cost because I need around 300k USD. I know someone who was able to get 370k CAD as a loan from scotiabank but I don't know how she did that.
 
About the Ads

NotAProgDirector

Pastafarians Unite!
Staff member
Volunteer Staff
10+ Year Member
Oct 11, 2006
9,067
10,413
Status (Visible)
  1. Attending Physician
If anyone cosigns your loan and then something bad happens -- you fail out or are otherwise unable to finish -- they are 100% responsible for paying back your loan. Do so only with extreme caution.
 

shadowblade

MD PGY-3
2+ Year Member
Sep 28, 2017
30
14
Status (Visible)
  1. Resident [Any Field]
If anyone cosigns your loan and then something bad happens -- you fail out or are otherwise unable to finish -- they are 100% responsible for paying back your loan. Do so only with extreme caution.

As a Canadian there are no other options. We don't have an equivalent of FAFSA, Our government loans will easily cap out at 10k or so a year canadian dollars, barely enough for rent.

You pretty much have to take out a loan from a Canadian bank which will almost inevitably require a cosigner unless you have significant income e.g. 100k+ on your own at present.

Your best bet is to get 300k from a Canadian bank, the 40k or so from your provincial loans, then your sister-in-law can potentially cover the rest from a loan in the US.

PLEASE get life insurance + disability insurance etc, in case you are unable to work before you can start paying it off. I got coverage for around 20 years to cover me through residency and early attending hood.
 
  • Like
Reactions: 1 user
About the Ads
This thread is more than 1 year old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.